1. Part I – Entrepreneurship in the Twenty-First Century
Chapter 1 - The Entrepreneurial Revolution
Chapter 2 - Entrepreneurship: An Evolving Concept
Chapter 3 - Intrapreneurship: Developing Corporate Entrepreneurship
Copyright (c) 2004 by South-Western, a division of Thomson Learning. All rights reserved.

2. Chapter 1 – The Entrepreneurial Revolution

3. Entrepreneurs Challenging The Unknown

4. Entrepreneurship: A Perspective

5. Our Entrepreneurial Economy The Environment for Entrepreneurship

6. Predominance of New Ventures in the Economy
New business incorporations averaged 600,000 per year
807,000 new small firms were established in 1995, an all-time record
Small business (< 500 employees) employ 53% of the private work force and account for 47% of sales and 51% of private sector gross domestic product (GDP)

7. Entrepreneurial Firms’ Impact
Entrepreneurial firms make two indispensable contributions to the U.S. economy:
First, they are an integral part of the renewal process that pervades and defines market economies.
Second, they are the essential mechanism by which millions enter the economic and social mainstream of American society.

8. Trends in Research and Education
The entrepreneurial and managerial domains are not mutually exclusive but overlap to a certain extent.
Venture financing, including both venture capital and angel capital financing as well as other innovative financing techniques, emerged in the 1990s with unprecedented strength.

9. Trends in Research and Education
Intrapreneurship (that is, entrepreneurship within large organizations) and the need for entrepreneurial cultures have gained much attention during the past few years.
Entrepreneurial entry strategies have been identified that show some important common denominators, issues, and trade-offs.

10. Trends in Research and Education
More research on the psychological aspects has emerged.
The risks and trade-offs of an entrepreneurial career have been subject of keen research interest.
Women and minority entrepreneurs have emerged in unprecedented numbers.
The entrepreneurial spirit is universal.

11. Trends in Research and Education
The economic and social contributions of entrepreneurs have been shown to make immensely disproportionate contributions.
Entrepreneurial education has become one of the hottest topics at U.S. business and engineering schools.

12. The Age of Gazelles
A “gazelle” is a business establishment with at least 20% sales growth every year (for five years), starting with a base of at least $100,000.

13. Gazelles - Innovation
Gazelles are leaders in innovation.
Gazelles produce twice as many product innovations per employee as do larger firms.

14. Gazelles - Growth
By the year 2010, demographers estimate, 30 million firms will exist in the United States, up significantly from the 22.5 million firms existing in 2000.

15. Gazelles - Survival
The common myth is that 85% of all firms fail in the first year.
The more accurate statement is that about half of all start-ups last between 5 and 7 years.

16. Emerging Trends: Internet and E-Commerce
U.S. businesses spent 85.7 billion on building up their Internet capabilities in 1999.
Smaller ventures use the Internet for a variety of operations, including customer-based identification, advertising, consumer sales, business-to-business transactions, , and private internal networks for employees.

17. The E-Commerce Challenge
Electronic commerce (e-commerce)- the marketing, promoting, buying, and selling of goods and services electronically, particularly via the Internet- is the new wave in transacting business.

18. Advantages and Challenges of E-Commerce for Entrepreneurial Firms
Ability of small firms to compete with other companies both locally and nationally.
Convenient and easy way of doing business transactions.
Challenges:
Avoiding being a victim of fraudulent activities online.
Handling the costs required to maintain the site.

19. Developing a Web Site Attractive and Useful Marketing the Website
“Stickiness”

20. Use of Internet Sites Company Information Corporate image building
Product information
Advertising
Marketing
Customer communications
93%
89%
80%
78%
77%
76%

21. Most Important Factors for Customers to do Business Online
User-friendly and easy to navigate
54%
Good previous experiences
36%
Fast response time
36%
Relevant and updated content
27%
Bargain prices
15%

22. Emerging E-Commerce Strategies
3-P Growth Model
Presence
Penetration
Profitability

23. Emerging E-Commerce Strategies
Another Strategy
Reach
Richness
Affiliation

24. Entrepreneurial Opportunities

25. Self-Employment, 1966-2006 Thousands 14,000 11,615 Agriculture 12,000
10,490
1,519
Non-agriculture
9,327
1,518
10,000
8,127
1,447
8,000
7,428
2,136
10,096
6,000
1,646
8,971
7,881
4,000
5,991
5,783
2,000